Based on today's quotes adding to the narrative that the FOMC does not care if the market drops (put on your tin foil hat for this) I still think they are quietly pressuring big money out of equities and into bonds. Three wins for FOMC if they do this. Equity drop puts pressure on Congress (good way to herd cats) for debt ceiling deal, helps fund government at the time they are reducing the Feds purchases and finally helps the US treasury with tax receipts as funds take profits from this bull market.

Trades with cats wrote:I think we need a push from Jackson Hole to take out that 2400 level.

Based on today's quotes adding to the narrative that the FOMC does not care if the market drops (put on your tin foil hat for this) I still think they are quietly pressuring big money out of equities and into bonds. Three wins for FOMC if they do this. Equity drop puts pressure on Congress (good way to herd cats) for debt ceiling deal, helps fund government at the time they are reducing the Feds purchases and finally helps the US treasury with tax receipts as funds take profits from this bull market.

Trades with cats wrote:I think we need a push from Jackson Hole to take out that 2400 level.

Based on today's quotes adding to the narrative that the FOMC does not care if the market drops (put on your tin foil hat for this) I still think they are quietly pressuring big money out of equities and into bonds. Three wins for FOMC if they do this. Equity drop puts pressure on Congress (good way to herd cats) for debt ceiling deal, helps fund government at the time they are reducing the Feds purchases and finally helps the US treasury with tax receipts as funds take profits from this bull market.

dunno, tough to bet against the bankers, feels bear trappy...

feels like someone is testing the lower limits.. with shocking drops.. to see where support is… .. feels like a VERY big drop could be close… fwiw RUT/WIM still near HOD, and green!

Trades with cats wrote:I think we need a push from Jackson Hole to take out that 2400 level.

Based on today's quotes adding to the narrative that the FOMC does not care if the market drops (put on your tin foil hat for this) I still think they are quietly pressuring big money out of equities and into bonds. Three wins for FOMC if they do this. Equity drop puts pressure on Congress (good way to herd cats) for debt ceiling deal, helps fund government at the time they are reducing the Feds purchases and finally helps the US treasury with tax receipts as funds take profits from this bull market.

dunno, tough to bet against the bankers, feels bear trappy...

feels like someone is testing the lower limits.. with shocking drops.. to see where support is… .. feels like a VERY big drop could be close… fwiw RUT/WIM still near HOD, and green!

agreed, agreed. just those damn central bankers....could pop up 20 pts too...watchin close..2438 seems like the level to watch

And as the following chart from Bank of America shows, the S&P put skew is now at the highest level on record, making the relative price of tail hedges the highest in 13 years as traders are quietly bracing for a sharp market crash.

Boss: I saw that and am skeptical of BofA data “Price Ratio of 35-delta and ATM S&P 500 Put”$SKEW on stockcharts shows it is off from its 3/13/17 ATH of 154.34Last night it was 129.98They’re buying OTM puts, but not “extreme” yet....

[quote="fehro"] And as the following chart from Bank of America shows, the S&P put skew is now at the highest level on record, making the relative price of tail hedges the highest in 13 years as traders are quietly bracing for a sharp market crash.

RENKO is always hinky but it prints bricks only when IWM moves, and ignores the endless sideways actionIt shows four+ higher lows and a double top, so it should flip “soon,” but to paraphrase Al Brooks: “There ain’t no breakdown until there’s a breakdown.”2 minute chart

Bear on QQQ with Amazon having a down day and the bad news about Apple TV. Worse for Apple the Samsung gigantic note is fixed and back on the market. Oh I almost forgot the media reports that the Junior High set says Facebook is for their grandparents. Then we had Tesla bonds trading at same rate as Ukraine Govees, can't be a good week for the FAANG and friends crowd. Stockboard Assets keeps posting his Biotech index triangle of death, anyway I made my point if this sucker is going down the tech area is going down the fastest and the furthest, or at least it usually does. Also has the best bounces!

If you like magic numbers notice how R1 resistance and yesterday's VWAP seem to control the market today. The red line in the cheep volume profile I am using is essentially VWAP but for some reason the volume profile people call it point of control. What ever you call it, it is the $ balance point and clearly yesterday's was important.

Just twitter, it was announced by the Canal Pilots. I assume they have a web site. Also the refinery closing notices are coming in fast and furious. It may have been 2008 the last time they got hit but their memories are good.

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